Federal Reserve orders Credit Suisse to strengthen anti-money laundering policies

WASHINGTON (Reuters) – The U.S. Federal Reserve ordered Credit Suisse (SIX:CSGN) Group AG on Friday to strengthen its anti-money laundering policies after bank examiners found deficiencies in its U.S. operations.

The order directs the bank to adopt a formal plan to overhaul its policies within 90 days to ensure it is appropriately monitoring for illicit activity, and regularly report to the regulator on its progress.